Driven by the vigorous recovery in fuel consumption, the barrel of brent came close to 75 dollars last week, for the first time since April 2019, before falling back to around 73.50 dollars on Friday evening. The increase since the beginning of the year exceeds 45%.

The barrel of Brent is flirting with 75 dollars, driven by the global economic recovery which is stimulating fuel consumption while production remains restrained. Some anticipate a return to 100 dollars, a level that has not been reached since 2014. The evolution of crude oil inventories in the United States, unveiled on Wednesday, illustrated the solidity of demand which is supporting prices. Reserves fell by 7.4 million barrels, according to the Energy Information Administration's weekly report, significantly more than the 2.5 million on average expected by analysts. American refineries are running at nearly 93% of their capacity, returning to their level of January 2020, on the eve of the pandemic.

Global demand for black gold is expected to rise by some 2.5 million barrels per day in June, rising above 96 million. This would be one of the largest monthly increases ever recorded in recent years, notes the International Energy Agency. Consumption would return to its pre-health crisis level, at more than 100 million barrels daily, in early 2022, forecast analysts at MUFG bank.